Paul Achleitner: The reason behind it is that in the investment field, like in other fields, we also possess high potential for improvement compared with best practice – as our sustainability projects have clearly shown.
This new unit is therefore one of three regional investment centers we are currently establishing in Europe: in Munich, Milan and Paris. In addition, we are also planning two further centers, one in Singapore to serve the Asia-Pacific region and one in Minneapolis for North America.
In the past, our investment activities have been completely decentralized. This structure has never allowed us to fully utilize all the advantages that a global network provides – precisely when it comes to investing. And so in future we intend to bundle the expertise of the group companies in this area.
"We're fostering collaboration across national borders"
A new business unit, Allianz Investment Management Munich, is being formed in Munich. What will its function be?
… and what does that imply for the investment activities in Munich?
Achleitner: In Munich we’re merging the investment units of ADAG and those of the Allianz holding company into the new company, AIM SE. This will also assume responsibility for the investment activities of a number of other group companies, including those in Austria and Switzerland.
The management team will be made up by Karl-Hermann Lowe, Helmut Wimmer and Bernd Gutting, who all have substantial experience in this area. Together – and this I’m certain about – they will succeed in outperforming their already very strong track record in the investment field.
Does this mean that in future your group companies will no longer be writing income from their investment activities on their own accounts?
Achleitner: Each group company will keep the results of its investment activities on its balance sheet. The locations will also be retained. And the CEOs will continue to be responsible for their company’s results. The underlying principle is outsourcing within the Allianz Group. De facto the investment business will be delegated to experts, but without this making any difference to overall responsibility.
What are you trying to achieve with this?
Achleitner: We’re fostering collaboration across national borders. This will make it easier for all companies to achieve the Group’s high level of achievement in this area and adopt outstanding solutions developed by successful group companies for their own activities. That’s what we understand by “best practice becomes common practice."
This new structure also makes us an even more attractive employer for investment professionals. We’ll be offering them a stimulating environment for their development as well as for ambitious career goals.
Which companies are going to participate in this common initiative?
Achleitner: Subject to legal and regulatory constraints, we plan to include all our insurance companies in this alliance.
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